Bloomberg strategist projects Bitcoin to reach $100,000

Bloomberg Intelligence senior commodity strategist Mike McGlone believes Bitcoin will reach the $100,000 level and become a global reserve asset.

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https://t.co/9mAVEHENxo

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— Mike McGlone (@mikemcglone11) September 3, 2021

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In a September Bloomberg Crypto Outlook report, McGlone named the $100,000 level for Bitcoin and $5,000 for Ethereum ‘the path of least resistance’.

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\”Crypto assets are entering a renewed bull market in the second half of the year after a sharp pullback from previous highs,\” noted the Bloomberg strategist.

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He also said that investment portfolios that omit Bitcoin or Ethereum are vulnerable.

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We foresee Bitcoin’s future as a digital reserve asset, complementing the dollar,\” concluded McGlone.

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In early August he noted strong support for Bitcoin and Ethereum in recent months and the start of the growth phase for these assets. That same period he forecast Bitcoin to $100,000, and later named Ethereum the main obstacle to this.

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In September McGlone stated that the growth in dollar-pegged stablecoin transactions boosts the value of the U.S. dollar.

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